Public markets are reopening cautiously, and this time the test is coming from crypto infrastructure rather than trading hype.
After months of hesitation, investors were finally asked a simple question: are they willing to back a profitable digital-asset company while regulation, geopolitics, and market volatility remain unresolved? The answer arrived with the stock market debut of BitGo – and it was more confident than many expected.
Key Takeaways
BitGo raised about $213 million in its IPO after pricing at $18 per share, above its initial range.
The deal is a sentiment test: if BitGo trades well, more crypto firms may accelerate IPO plans; if not, others may wait.
Instead of easing into trading at the low end of expectations, the crypto custody firm priced its shares above the initial range and pulled in over $200 million from investors. The listing pushed BitGo’s valuation past the $2 billion mark, making it the first crypto-focused company to complete an IPO this year.
But the numbers matter less than the signal.
Why this listing is different
Unlike many earlier crypto IPOs that leaned on bull-market momentum, BitGo entered public markets with a very different profile. The company is already profitable, generates recurring revenue, and operates in the background of the crypto ecosystem rather than on speculative trading volumes.
Its business spans institutional custody, transaction services, staking income, and infrastructure fees – areas that tend to hold up better when prices cool. That model helped BitGo post profits in 2024 and remain in the black through most of last year, a rarity among digital-asset firms seeking public listings.
A colder climate for US crypto companies
The timing, however, is far from ideal. Washington is still wrestling with a broad crypto market-structure bill that could reshape oversight of digital assets. The proposal has sparked concern across the industry, with companies like Coinbase warning that certain provisions could disrupt existing operations.
At the same time, crypto markets have lost momentum. Bitcoin is going through its longest drawdown in over a year, and investors are far more selective after the sharp price swings seen earlier in 2025. That caution has made IPO investors less forgiving, especially toward companies tied to volatile assets.
Politics adds another layer of uncertainty
Early optimism around crypto policy surged when Donald Trump returned to office with a more supportive stance toward the sector. Initiatives such as the GENIUS Act and pro-stablecoin rhetoric helped fuel a strong first half of the year for digital assets.
That mood has shifted. Regulatory delays, global tensions, and Trump’s recent tariff threats linked to Greenland rattled markets before easing after his comments at the World Economic Forum. The result is a market environment where confidence exists, but only in measured doses.
Why other companies are watching closely
BitGo’s first days of trading are being treated as a live stress test. Crypto firms considering listings – including Grayscale and Kraken – are paying close attention to whether investors reward profitability and infrastructure exposure over pure growth narratives.
The implications stretch beyond crypto. A weak showing could cool enthusiasm for listings from high-profile private companies such as OpenAI, Anthropic, SpaceX, and Databricks, all of which are rumored to be monitoring market conditions closely.
Meanwhile, non-crypto issuers like EquipmentShare are also moving ahead with public offerings on the Nasdaq, underscoring how selective – rather than shut – the IPO window has become.
Conclusion
BitGo’s listing is less about a single company and more about whether investors are willing to fund real crypto infrastructure in an uncertain world. If the stock holds up, it could reopen the door for a wave of delayed IPOs. If it struggles, the message will be clear: public markets want stability, profits, and patience – not just exposure to the next crypto cycle.
